February 1, 2011
Could Europe finally be getting on top of its sovereign debt problem? There’s a lot of chatter that the eurocrats have come up with a way to help the struggling peripherals to deal more effectively with their huge debt piles.
Here’s Dow Jones:
“At the moment there are reports and market talk that the EU, through its bailout mechanism (EFSF), will fund Greece to buy back bonds so it can retire some of its EUR330.1 billion debt mountain at attractively lower prices.
There is also speculation of a “Brady bond” style bond swap program to be provided to Greek banks and other private investors. That means Greece would issue bonds of longer duration in exchange for current outstanding debt which comes due soon.”
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